Conflux, a Chinese blockchain developer, announced the launch of the third iteration of its public network and plans to create a stablecoin pegged to the offshore yuan.
Stablecoin Planning
At a three-day conference in Shanghai, Conflux announced partnerships with fintech company AnchorX and IT security provider Eastcompeace to bring a yuan-backed stablecoin to market. Recently, AnchorX obtained preliminary approval from Kazakhstan for the yuan-backed coin AxCNH. It remains unclear whether Conflux's initiative is related to AxCNH.
Conflux 3.0 Network Upgrade
The company also introduced its network upgrade to Conflux 3.0. The system can now process over 15,000 transactions per second and supports on-chain AI agent calls. This upgrade aims to enhance the functionality and performance of the platform.
Rising Interest in Stablecoins in Hong Kong
In this context, Hong Kong is seeing a surge in interest in stablecoins: up to 40 license applications have been filed in recent weeks. Major companies, including JD.com, Circle, and Ant Group, have submitted applications following the Hong Kong government's introduction of new licensing legislation for stablecoin providers that takes effect on August 1.
Thus, Conflux is taking steps to implement a yuan-pegged stablecoin and update its technology while also contributing to the growing interest in stablecoins in Hong Kong.
